Poland M3 Money Supply YoY

Derniers chiffres

La dernière publication, pour SEP, est parue le 2026-10-22 et s’est établie à 12.5%. C’est au-dessus du consensus de 11.4%. C’est plus que 11.3% la fois précédente.

Sur les 12 dernières publications, la valeur est allée de 10.0% à 12.5%, avec une moyenne de 11.0%.

Voir dans le calendrier économique →

Pourquoi c’est important

Money growth was once a direct target of central banks; today it is read as a signal of lending, spending and future inflation, and of how loose or tight the National Bank of Poland's policy really is (quantitative easing shows up here first).

Mode de calcul

Banks report their deposits to the central bank, which adds them up by category; the figure is usually shown as the change from a year earlier.

M1 = currency + overnight deposits
M2 = M1 + short-term savings and time deposits
M3 = M2 + repos, money-market funds and short debt

Ce que signifient les variations

• Fast money growth with an economy near full capacity is a warning of inflation to come.
• Shrinking money (as in 2023 in several countries) signals tight credit.
• Markets usually react little; it matters for the medium-term picture.

Un bref historique

Milton Friedman's monetarism made money supply the centre of policy in the 1970s and early 1980s ("inflation is always and everywhere a monetary phenomenon"). Its link with inflation proved unstable and central banks moved to interest-rate targets.

Questions